When business owners obtain a lease on commercial office space for the first time, they probably don’t think about the office lease renewal process as it often seems so far in the future. However, the expiration of an office space lease term can pop up more quickly than you think. Before you enter into a lease renewal, you should first know more about the office lease renewal process so that you get the best deal possible and enjoy all of the amenities and inclusions which one should expect in an office space lease renewal.
How the Office Lease Renewal Process Works
The office lease renewal process is much different than a residential lease renewal. Office lease renewal procedures get put into motion many months prior to the actual end of your current office space lease. There is much more involved than just reaching an agreement on future rent payments. Usually the office space tenant will contact the landlord to inquire about the lease renewal and try to negotiate on the terms of the future office space lease. The landlord will then come back to the office space tenant with their thoughts on the future lease and what they are willing or not willing to change. This can be a timely negotiation process and may get a bit tense at times. The best way for a commercial office space tenant to handle a lease renewal is to have a tenant representation consultant on their side throughout the process.
Tips for Making the Lease Renewal Process Much Easier
Although the office space lease renewal process can be burdensome for office space tenants, there are certain tips which will provide the tenant with peace of mind and confidence throughout the dealings. Here are some tips to keep in mind throughout the lease renewal process:
- Obtain a tenant representation consultant: As mentioned above, having a tenant representation advisor with you every step of the way will help you to get the new lease terms you need and deserve. A tenant representation firm is well versed in this area of commercial real estate and will work along with you to negotiate the proper terms of the new lease and get you what you want in your future lease with your current landlord. The tenant representation advisor will cut through all of the real estate lingo and outline the terms and offerings with clear cut verbiage and easy to understand language.
- Make a list of what you want prior to meeting with the landlord: In order to be prepared for your meeting with your landlord, it is always good to have a concrete list of what you wish your new office space lease to contain. You want to be exact in your criteria requests so that there is no doubt in anyone’s mind as to what you want in the way of your future office space lease. Your tenant representation advisor can help you make this list and ensure that you get everything out of the future lease that you want.
- Be willing to negotiate: It is a good idea to go into the meeting with your landlord with the knowledge that you will probably not receive everything you want out of the lease renewal negotiations. Therefore, you have to be prepared and willing to negotiate so that you and the office space landlord can come to a good agreement in the end.
The office space lease renewal process can be much easier if you have a tenant representation advisor by your side, you make a list of what you want with regard to your future lease and you are willing and able to negotiate to ensure that your company can stay in the current office space for many years to come.